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Foot Orthotic Insoles Market Report, Insights And Forecast 2024-2033
Foot Orthotic Insoles Market Report
According to The Business Research Company's, The foot orthotic insoles market size has grown strongly in recent years. It will grow from $3.55 billion in 2023 to $3.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to medical advancements in podiatry, technological innovations in materials, sports medicine influence, health conscious consumer trends, fashion and functionality merge.
The foot orthotic insoles market size is expected to see strong growth in the next few years. It will grow to $5.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to rise in chronic conditions, e-commerce expansion, aging population influence, fashionable and functional designs, medical community recommendations, athletic and fitness trends. Major trends in the forecast period include medical professional recommendations, fashion and comfort fusion, sports and fitness market growth, customization and personalization, advancements in material science.
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Market Drivers and Trends:
The rising prevalence of diabetes is expected to propel the growth of the foot orthotic insoles market going forward. Diabetes is a long-term metabolic condition marked by high blood glucose (also known as blood sugar), which over time can seriously harm the heart, blood vessels, eyes, kidneys, and nerves. Foot orthotic insoles are required to treat diabetic feet that have already experienced Charcot arthropathy and foot ulcers. Hence, the rise in the prevalence of diabetes will lead to an increase in demand for foot orthotic insoles. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation (IDF), a Germany-based organization of over 230 national diabetes associations, in 2021, around 537 million adults (20-79 years old) have diabetes globally, and is anticipated that this figure would increase to 643 million by 2030 and to 783 million by 2045. Therefore, the rise in the prevalence of diabetes is driving the growth of the foot orthotic insoles market.
Product innovation is the key trend gaining popularity in the foot orthotic insoles market. Major companies operating in the foot orthotic insoles market are focusing on developing innovative products to sustain their market position. For instance, in May 2022, New Balance, a US-based sports footwear and apparel manufacturer, launched casual therapeutic cushion insoles, a new insole shaped by Superfeet. The unique feature of casual therapeutic cushion insoles is the design, which uses extra-soft foam that conforms to the foot and offers relief to people with sensitive feet. The foot is supported while moving due to the flexible construction and heel-to-toe cushioning that cradles the foot to relieve discomfort. The insoles are created using hypoallergenic materials to accommodate sensitive skin.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Hanger Inc.; Implus LLC; Footbalance Systems Ltd.; Thuasne SAS; Foot Science International; Aetrex Worldwide Inc.; Tynor Orthotics Pvt. Ltd.; DJO Global Inc.; Acor Orthopedic Inc.; Algeo Limited; KLM Laboratories Inc.; Arden Orthotics Ltd.; Bauerfeind AG; ComfortFit Orthotic Labs Inc.; Bolton Bros Limited; Superfeet Worldwide Inc.; Birkenstock Orthopädie GmbH & Co. KG; Spenco Medical Corporation; SOLO Laboratories Inc.; Foot Levelers Inc.; Vasyli Medical; Ottobock SE & Co. KGaA; Össur hf Corp.; Fillauer LLC; Cascade Dafo Inc.; Allard USA Inc.; ProLab Orthotics Ltd.; SureFit Inc.; Langer Biomechanics; Pedorthic Shoe Company
Foot Orthotic Insoles Market 2024 Key Insights:
• The foot orthotic insoles market will grow to $5.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Growing Diabetes Prevalence Boosts Foot Orthotic Insoles Market
• Innovative Products Drive Foot Orthotic Insoles Market
• North America was the largest region in the foot orthotic insoles market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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